Thomas Cook, a leading British holiday operator, has said that it has reached its sell-off target about 18 months ahead of schedule, giving major boost to the company in its turnaround plans.

Thomas Cook said that it has already achieved a £45 million _54 million sell-off target ahead of schedule. The company is half way in its three-year plan to cut jobs, close branches and sell businesses in order to revive business. The company is facing pressure due to eurozone debt crisis, high fuel costs and political issues in Egypt and Tunisia.

The world's oldest travel firm has agreed to sell Gold Medal, which is a distributor of scheduled flights, hotels and car hire, to dnata, a unit of Emirates Group for £45 million. The deal took the total to £125 million. The company has set a target of between £100 million and £150 million from divestments by next year.

Thomas Cook India, which is owned by Canada-based billionaire PremWatsa, has announced that it will soon merge with Chennai-based resort company Sterling Holiday Resorts. Thomas Cook Managing Director Madhavan Menon said on Saturday that the company will make a preferential allotment investment of Rs 187 crore at Rs 90.49 a share, which is 2.7 per cent discount to Sterling's Friday closing price of Rs 92.90, in the Chennai resort. After the deal, Thomas Cook will hold around 23 per cent stake in the company.